The Egyptian government announced that Telecom Egypt, Vodafone Egypt, Etisalat Egypt, and Orange Egypt signed the contracts with NREA, in the presence of Prime Minister Mostafa Madbouly and Minister of Electricity and Renewable Energy Mohamed Shaker.
Madbouly reiterated the country's dedication to supporting clean energy initiatives across different sectors, which was strengthened by hosting the Climate Change Conference (COP27) in Sharm El Sheikh last November.
Shaker stated that Egypt plans to raise the proportion of renewable energy in its energy mix to 42 percent by 2035, following its achievement of 20 percent by 2022.
Egypt's National Climate Strategy 2050 seeks to lower carbon emissions by utilizing alternative energy forms and renewable energy sources.
Egypt has signed numerous Memoranda of Understanding (MoUs) with international entities in the past year to encourage foreign investment in green hydrogen and establish itself as a hub for hydrogen production.
Recently, the cabinet approved a new draft law that offers incentives for green hydrogen projects.
Egypt anticipates foreign direct investment of approximately $81.6 billion in green hydrogen projects by 2035, which the government plans to expand and integrate into the National Energy Strategy 2035. This is part of the country's aim to transition to carbon neutrality and decrease emissions from the energy sector.